“Round Two’s coming, and we’re going to have one hell of a contest about the direction and the vision of this country,” he said.
If Congress doesn’t raise the debt limit, the government instantly will have to cut about 40 percent of its spending to account for the amount of money it borrows for every dollar it spends.
Round Three isn’t far behind the debt fight. Congress didn’t pass any of the annual spending bills to keep the government funded in 2013, and the stopgap measure it did pass expires March 31.
Without another extension, the government again would face a government shutdown, just as it did in 2011, when House Republicans and Mr. Obama struggled to pass that year’s spending bills.
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